What is NFT, and how do they work?

An NFT or Non-fungible tokens are one-of-a-kind digital assets that can be bought and sold online; however, they have no tangible form of their own. Therefore, each NFT is a unit of data stored on a digital ledger that is also known as a blockchain. NFT data units may be associated with digital files such as photos, videos, and audio. This also implies that each NFT represents a different underlying asset and can have another value. Simply put, no two NFTs are similar. Digital art is currently the most common use of the NFT. NFTs belong mainly to the Ethereum blockchain.

How do they work?

When NFTs are created or minted, they execute a code stored in smart contracts that conform to different standards. Like cryptocurrencies, NFTs are bought and sold on specialized platforms; however, what changes hands is a certificate of ownership. With a bit of technical know-how, it is also possible to make, or “mint”, your own NFT.

The truth is: The NFTs have opened up a new platform for struggling artists and musicians to participate in the same and generate monetary benefits. The NFTs aren’t limited to them, though; anything unique and rare can be traded. Digital art, collectibles, Ticketing, games. Virtual worlds, sports, fashion, Film, Music, Academia. It includes these fields and much more.

STATS: The digital artwork entitled “Everyday – The First 5000 Days”, by artist Mike Winkelmann, also known as ‘Beeple’, sold for US$69.3 million in 2021.

And closer home in India, Amitabh Bachchan is among the first Indian actors to jump on the NFT bandwagon and is all set to roll out his own NFTs.

Business lessons from top CEOs

Leadership drives business to excel. A great leader is one who leads from the front. Here are 3 top lessons from famous CEO’s

1. Invest In Your Team
“Hire the best for your team,” said Steve Jobs, Founder of Apple. Being a CEO, he said, is not about mastering the ability to wear many hats or try to excel at everything. The secret to success is to surround yourself with talented people and delegate work effectively.

2) Obsess about customers/clients
“Focusing on the customer makes a company more resilient, ” says Jeff Bezos, the founder and executive chairman of Amazon. “We’re not competitor obsessed, we’re customer-obsessed. We start with the customer and we work backward.” And there is no doubt that it has worked wonderfully for Amazon!

3) Optimism is key
There will be ups and downs in business and a great CEO should be able to take both success and failure in the same gait. Matt Certo founded his marketing company, Find some & Winmore says “Along with dark skies, storm clouds, and everything else that’s bleak, running a business requires optimism.”

Tips to improve your public speaking skills

Public speaking is an art. To some, it comes naturally; to some others, it takes a bit of preparation. Here are some tips to brush up on your public speaking skills

  • Prepare the points to be presented before the audience. Sound knowledge of the subject or the topic is highly beneficial. Understanding and studying the audience is an added advantage.
  • Rehearsing the speech before a mirror or recording it before presenting it before the audience can also help in boosting your confidence.
  • Adding a visual aid while giving the speech helps the audience better understand and, in turn, helps us remember the essential points to be presented in an orderly manner. A good speaker always uses visualization methods and similar techniques to improve their results.
  • Dress up for the event. Once you look confident and competent, you feel positive about yourself. Hence, it gives the best confidence, which automatically provides better performance as well as an end result.
  • Make sure to portray an energetic and positive attitude as this is an easy way to tackle stage fright or public speaking. Stage fear is good as it helps you improvise over a while and enhance confidence and overall performance.

Myths About Blockchain

Blockchain, bitcoin, cryptocurrencies – these are the buzzwords now. A blockchain is a distributed digital database that is shared among different stakeholders. However, there are a lot of myths surrounding blockchain. We take a look at the top 3:

Blockchain equals Bitcoin.

Blockchain is the root technology behind bitcoin. However, it has evolved and is used for various purposes. While blockchain deals with data, Bitcoin is a cryptocurrency.

Blockchain is secure.

Blockchain is designed for immutability. The involvement of all stakeholders is needed for altering. However, security is another ball game entirely.

Blockchains are fit only for finance

Even though the blockchain concept was proposed in the early 1990s, it evolved into being widely used as the core technology behind Bitcoin in 2008. And now, it has spread beyond its cryptocurrency roots. It is also being used in real estate, healthcare, and other areas.